Global maize production was expected to reach a record high this year, according to the report. But the report also cautioned that uncertainty remains in international markets because recent unfavourable weather conditions in northern and central Europe and other risks may affect the prospects of world food production.

The World Bank also noted that some countries with high poverty and weak safety nets are responding to the chronic volatility by scaling up food subsidy programs that are often counter-productive.

"Poorly designed food subsidy programs that lack transparency and accountability in implementation do not benefit poor people," said Jaime Saavedra, a World Bank vice president. "These programs can be very costly and prone to corruption and waste scarce fiscal resources."